Ethereum Flips Key Level as $3K Breakout Looms—Bulls Poised for Action

Ethereum has captured renewed market attention after decisively flipping a significant technical level. The asset has broken above the 200-day exponential moving average (EMA), a development often seen as a shift from bearish to bullish territory.

This key move has positioned Ethereum above multiple moving averages on the daily chart. At this price, bulls are strong, and the market is not showing much hesitation as defenders manage to hold the $2,500 level against occasional intraday dips.

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Trading volume surged alongside the breakout, indicating growing interest from market participants.  The RSI movement is rapidly turning stronger, which gives the market space to rise further without worrying about being overbought.

According to IntoTheCryptoverse, Ethereum has also stayed above the 200-week simple moving average (SMA) at $2,450. Previously, the long-term average has helped start major bull cycles in the market.

Key Resistance Near $2,700 Holds the Next Breakout Trigger

Currently, Ethereum is squeezed between the 50-week and 100-week SMAs, creating a technical setup that often leads to strong moves. The $2,700 level stands out as a vital resistance zone, not only as a psychological barrier but also due to historical congestion during early 2024.

If this point is surpassed with substantial trading volumes, analysts expect quick growth to the $2,800 level and possibly the $3,000 mark. This could be the next sign of a bullish run, having begun when the price broke over the 200 EMA.

When short-term and long-term factors are aligned, the chances of the market going up increase. Ethereum’s above the 200-day EMA and 200-week SMA are viewed as strong support for a stronger movement to the upside.

As Ether goes above its 200-day EMA, the trend is now strongly bullish. Since the price is near a key resistance after breaking above its support point, another surge up to $3,000 is possible.

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